Abolish Fannie Mae

[HoleInTheVoid]

Obviously the notion of propping-up mortgages for people who cannot afford them under normal circumstances is a demonstrated failure. The entire enterprise is set-up for failure.

There is no point complaining about "predatory lending practices" because this is a back-handed admission of the premise that lenders seek out people who cannot afford the loans. Abolish Fannie and Freddie and the Raines and Johnsons of the world won't get their $30 million bonus packages...for writing loans that the borrowers cannot repay. Don't give the crooks the tool to waste our money through gov't mandate. Of course that means the people who can't afford homes--well--won't get homes.

Homes values won't be artificially driven-up, CEO' s won't be rewarded by seeking bad debt and the taxpayers can keep their money for things they need, like their own damned mortgages.

 

[WillowTree]

And Zero,,, Zero ,,, Zero tax dollars to ACORN.

 

[Baruch Menachem]

The folks at ACORN will probably still be on the public dole in their new residences at the Graybar Motel. Jamie Goerlic better hope she looks good in Orange, because that is what she is going to be wearing for the next several years.

This fraud has gone on way too long

 

[DiveCon]

And Zero,,, Zero ,,, Zero tax dollars to ACORN.

i agree
they shouldnt be getting any tax payer funds
this whole deal is a huge mistake

 

[WhiteLion]

And Zero,,, Zero ,,, Zero tax dollars to ACORN.

Yeh Acorn and Obamas involvement check out this link

O'S DANGEROUS PALS - New York Post

 

[AVG-JOE]

Obviously the notion of propping-up mortgages for people who cannot afford them under normal circumstances is a demonstrated failure. The entire enterprise is set-up for failure.

There is no point complaining about "predatory lending practices" because this is a back-handed admission of the premise that lenders seek out people who cannot afford the loans. Abolish Fannie and Freddie and the Raines and Johnsons of the world won't get their $30 million bonus packages...for writing loans that the borrowers cannot repay. Don't give the crooks the tool to waste our money through gov't mandate. Of course that means the people who can't afford homes--well--won't get homes.

Homes values won't be artificially driven-up, CEO' s won't be rewarded by seeking bad debt and the taxpayers can keep their money for things they need, like their own damned mortgages.

The concept behind Freddie and Fannie is not inherently bad for the taxpayer. For a people, especially a people as wealthy as ours, public involvement in a pool of funds that is designed to free up capital to keep it flowing to the real property market is not a stupid idea.

Neither is the concept behind using our collective wealth to assist the lower end of our economy into real property ownership - as long as it is in the form of a reasonable and easily understood loan and not a gift.

What is stupid is trying to set either of those 'public welfare' concepts up as profitable centers for wealthy private investors.

Public assistance is not evil... profiting from it is.

-Joe

 

[Care4all]

the Concept Behind Freddie And Fannie Is Not Inherently Bad For The Taxpayer. For A People, Especially A People As Wealthy As Ours, Public Involvement In A Pool Of Funds That Is Designed To Free Up Capital To Keep It Flowing To The Real Property Market Is Not A Stupid Idea.

Neither Is The Concept Behind Using Our Collective Wealth To Assist The Lower End Of Our Economy Into Real Property Ownership - As Long As It Is In The Form Of A Reasonable And easily Understood Loan And Not A Gift.

What is Stupid Is Trying To Set Either Of Those 'public Welfare' Concepts Up As Profitable Centers For Wealthy Private Investors.

Public Assistance Is Not Evil... Profiting From It Is.

-joe

Amen!

 

[editec]

BOND RATINGS COMPANIES.

Until you all understand their part in this diaster you're all missing the point, folks

 

[Care4all]

BTW Holeinthe void....

75% of the subprime mortgages lent for the past 5 years, were from institutions NOT COVERED by CRA.....

fannie/freddie accounts for 25% of this mess, the other 75% were institutions that CHOSE all by their lonesome, to issue these very bad subprime loans....

where is your disgust with the banks that caused 75% of the problem?

care

 

[Care4all]

BOND RATINGS COMPANIES.

Until you all understand their part in this diaster you're all missing the point, folks

like the S & P ???

 

[AVG-JOE]

BOND RATINGS COMPANIES.

Until you all understand their part in this diaster you're all missing the point, folks

It doesn't matter who's on first or what's on second, even if 'I don't know' is on third, as long as we quit playing the game.

-Joe

 

[editec]

like the S & P ???

yup.

And Moodys, too.

Hey, they lied and WE have to pay off the bond holders?

Why?

Let the bond holders go after those rating companies and those banks which screwed them.

Ya'll want capitalism?

That's capitalism in a civil society.

 

[Care4all]

yup.

And Moodys, too.

Hey, they lied and WE have to pay off the bond holders?

Why?

Let the bond holders go after those rating companies and those banks which screwed them.

Ya'll want capitalism?

That's capitalism in a civil society.

that's right, they should civily sue them for giving out false ratings information, a quid pro quo between the rating agencies and banks was illegal...that would be the free market...also, those that committed a crime...which i believe was done, should be in prison...